The BCCI has set the retention window for the eight older franchises from November 1-30, and the window for Lucknow and Ahmedabad is from December 1-25.
In case of four retentions, it could be either three Indians and one foreign player or at the maximum two Indians and as many foreigners.
As things stand, the chances of franchises getting four players to retain are high with two new teams allowed to pick up to three players through a draft system before the auction begins.
The reason behind MI's purported reluctance to retain Hardik is purely cricketing as he is no longer the feared all-rounder that he used to be two years back.
Ganguly has been a part of Sanjiv Goenka-owned Atletico-Kolkata, later rechristened ATK-Mohun Bagan, since the start of the Indian Super League in 2014.
The men's equivalent of the IPL, the three-team Women's T20 Challenge, hasn't taken place since the 2020 edition in the UAE.
As per CVC Capital Partners's website, the company that bought the Ahmedabad franchise, it has investments in companies like Tipico and Sisal which are involved in sports betting.
The BCCI had a windfall of close to USD 2 billion with Kolkata-based RPSG Group and international equity investment firm CVC Capital winning the bid for Lucknow and Ahmedabad franchises respectively.
Rajeev Shukla also hailed the 'wonderful achievement' of BCCI following the announcement of two new teams.
The two new teams that will join the current eight-team league are expected to be unveiled on October 25 in Dubai, a day after India's clash against arch-rivals Pakistan in the T20 World Cup.
Wadia said that Rs 2000 crore base price for two new IPL teams is a conservative number and the addition of the teams will lead to appreciation of the IPL's value as well as the existing franchises.